Exhibit 12.1
BLACK HILLS CORPORATION
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| Year ended December 31, |
| Six months ended |
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| 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2009 |
| 2008 |
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Ratio = | Earnings/Fixed Charges |
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Earnings as defined by Regulation S-K |
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Income (loss) from continuing operations |
| (52,037 | ) | 75,658 |
| 55,772 |
| 50,072 |
| 44,608 |
| 50,206 |
| 25,020 |
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Add | Minority Interest |
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| — |
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| — |
| — |
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| Income Taxes |
| (29,395 | ) | 32,427 |
| 23,103 |
| 26,633 |
| 19,713 |
| 19,735 |
| 11,676 |
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| (Income) loss from equity investee |
| (4,366 | ) | 1,231 |
| (1,653 | ) | (14,325 | ) | 386 |
| (1,249 | ) | (2,297 | ) |
(A) | Income (loss) from continuing ops before equity in earnings of subsidiaries/income tax |
| (85,798 | ) | 109,316 |
| 77,222 |
| 62,380 |
| 64,707 |
| 68,692 |
| 34,399 |
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Plus |
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(B) | Fixed Charges as Defined |
| 59,392 |
| 34,520 |
| 35,018 |
| 28,122 |
| 25,210 |
| 45,268 |
| 20,953 |
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C | Amortization of Capitalized Interest |
| 48 |
| 93 |
| 63 |
| — |
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| 3 |
| 14 |
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(D) | Distributed income of equity investees |
| 1,781 |
| 3,724 |
| 4,304 |
| 12,956 |
| 3,762 |
| 4,484 |
| 1,642 |
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| — |
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Less |
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(E) | Interest capitalized |
| (1,318 | ) | (2,323 | ) | (1,571 | ) | — |
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| (175 | ) | (707 | ) |
(F) | Preference security dividend requirements of consolidated sub |
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| (241 | ) | (472 | ) | — |
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| Minority interest in pre-tax income of subs |
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| Total Adjusted Earnings |
| (25,895 | ) | 145,330 |
| 115,036 |
| 103,217 |
| 93,207 |
| 118,273 |
| 56,301 |
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Fixed Charges as defined in Regulation S-K |
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| interest expensed per SEC reports (includes amort of def fin costs) |
| 54,123 |
| 25,181 |
| 29,946 |
| 26,607 |
| 24,021 |
| 42,239 |
| 18,758 |
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| add back AFUDC borrowings |
| 2,811 |
| 6,415 |
| 2,972 |
| 262 |
| 71 |
| 2,116 |
| 910 |
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| add back AFUDC other incorrectly offset to interest |
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| 432 |
| 94 |
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| interest capitalized |
| 1,318 |
| 2,323 |
| 1,571 |
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| — |
| 175 |
| 707 |
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| estimate of interest within rental expense |
| 1,140 |
| 601 |
| 529 |
| 580 |
| 552 |
| 738 |
| 578 |
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| Subtotal |
| 59,392 |
| 34,520 |
| 35,018 |
| 27,881 |
| 24,738 |
| 45,268 |
| 20,953 |
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| Preference security dividend requirements of consolidated sub |
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| 241 |
| 472 |
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| Fixed Charges as Defined |
| 59,392 |
| 34,520 |
| 35,018 |
| 28,122 |
| 25,210 |
| 45,268 |
| 20,953 |
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| Ratio of Earnings to Fixed Charges |
| (0.44 | ) | 4.21 |
| 3.29 |
| 3.70 |
| 3.77 |
| 2.61 |
| 2.69 |
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| Ratio of Earnings to Fixed Charges and Preferred Stock Dividends |
| (0.44 | ) | 4.21 |
| 3.29 |
| 3.67 |
| 3.70 |
| 2.61 |
| 2.69 |
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| The earnings as defined in 2008 would need to increase $85.3 million for the 2008 ratio to be 1.0. |
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